Personal Loans
Credited with personal guarantee, customer responds the fulfillment of obligations (return of the borrowed amount, payment of interest and bank charges stipulated) with all its assets, present and future. Therefore, it is usual practice to the lending credit institution, before granting credit, request customer proof of their incomes (payroll, revenue per rental), an inventory of their property or a sworn statement of their heritage and perform checks on the existence and location of the same. If the client is delayed in the periodic payments (interests, bank fees) or the refund of the amount provided in relation to the agreed dates, you will need to pay a few additional interests known as interest on arrears to the lending institution. The delay interest rate tends to be much higher than the interest rate of ordinary credit. The form of calculation of interest on arrears are contained in the contract document. In addition, institutions typically charge a Commission for claim for amounts unpaid to claim their late payments to the customer. The amount of this fee will be collected in the contractual document.
If the delay or default in payment continue and the entity not found a solution to this situation with the customer, this can try to recover the outstanding debt frozen assets and rights owned by the customer, the legally established procedure (Civil Procedure Act). If the credit account with the additional guarantee of one or several guarantors (bail clause) and the accredited client unpaid, the entity may be directed against the / guarantor/s for the collection of outstanding payments. Each of the guarantors responds in solidarity of all outstanding obligations of the debtor client in the event of non-payment (except for benefit of exclusion and division). In the case of loans to finance a product or service, so there is a prior agreement exclusively between the supplier of the goods or services and the credit institution, the client You may exercise the same rights you have against the supplier of goods or services against the lending institution. (Article 15 of Act 7/1995 of 23 March, consumer credit).
